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Control over work-life balance is more important than making money for start-ups, while hiring staff and raising finance are major concerns.

What worries and inspires Britain’s small business owners? That was the question posed by a new report, Entrepreneurial Britain, launched this week as a joint project by the Telegraph’s research team and Omnicom Media Group agency, OMD UK.

Conducted from May until August 2016, the research included a survey of more than 1,000 entrepreneurs and in-depth interviews with a sample of respondents. Chief among the findings were insights into the motivations of the SME founder community, and the common challenges that face small businesses.

A desire to make money ranked sixth among the reasons why people had started a business, with 54pc of respondents citing it as a factor. The top reason given for launching a company was to have greater control over one’s work-life balance (80pc).

It’s so hard to convince banks to lend, despite three years of accountsAdam Pike, SuperCarers

The report also explored the main challenges faced by business owners in the areas of finance, support, staffing and brand building. Every respondent (100pc) felt that the government ought to offer more proactive support for entrepreneurship. Many held concerns about finances – 56pc said that financing their business with personal funds had been a challenge, while 38pc struggled with personal finances.

The idea that creating a business is a poor route to quick and easy money was well recognised by Adam Pike, co-founder of three-year-old business, SuperCarers – an online service through which people can book and pay for carers.

Mr Pike, taking part in a panel discussion to mark the release of the research, said that drawing a meaningful salary was a real challenge for early-stage entrepreneurs, especially when profits had to be ploughed into business development due to little or no access to finance. “It’s so hard to convince banks to lend, despite three years of accounts,” he said.

His comments were echoed by Lorenzo Curci, founder and director of cycling clothing company, Huez, who explained that a lack of finance made developing seed businesses very difficult. “Crowdfunding is assisting, but [it can’t replace bank lending],” he added.

Hiring the staff with the right skills was also a major area of concern for those who took part in the Entrepreneurial Britain report. Letting go of some control by delegating was a major challenge for 45pc of respondents.

But a few well-chosen hires can actually help SME owners get a better grip on strategy and development. “It’s about freeing up capacity for you to focus on the brand,” said Mr Curci, who added that he outsources as much as possible to help avoid laying off staff during lean periods.

Mr Pike advised making the most of networks when making tricky hiring decisions. “I reached out to my network and asked people with the right expertise to sit on interview panels,” he explained.

Mike Cherry, chairman of policy at the Federation of Small Businesses, who was also on the panel, confirmed the approach. “Networking and getting support from your peers is the best thing to get you through what can be a lonely journey.”